Common Stock Listed
Trading Symbol: AVP
VANCOUVER, Sept. 7, 2012 /PRNewswire/ - Avcorp Industries Inc. ("AVP" or the "Company") today announced the appointment of Brent Collver to the position of President of Comtek Advanced Structures Ltd., the Company's composite manufacturing subsidiary located in Burlington, ON. As President of Comtek, Mr. Collver succeeds Patrick Whyte and will be responsible for the development and execution of the long-term strategy and growth plans for the business, in addition to overseeing its daily operations.
"On behalf of the Board of Directors, I would like to thank Patrick Whyte for his dedication and service in building the Comtek business, and I am grateful that Patrick will remain on board for the time being to ensure a smooth leadership transition," said Mark van Rooij, President and CEO of Avcorp. "Brent brings the right business and operational growth experience we need to fuel the next stage of Comtek's growth, and we are confident that he, along with the rest of the Comtek leadership team, will take our composites division to new heights."
Mr. Collver brings significant past experience in building businesses, optimizing processes and developing teams. Prior to this position, he held leadership roles in marketing, business development, manufacturing operations and product development at Husky Injection Molding Systems and Pratt & Whitney Canada. Most recently, Mr. Collver was Director, Strategy and Business Development, Husky Services, where he led the development of a global services business. Mr. Collver holds an undergraduate degree in Mechanical and Aerospace Engineering from Carleton University in Ottawa, Ontario.
Patrick Whyte co-founded Comtek in 1994. After Comtek became a wholly owned subsidiary of Avcorp in 2007, Mr. Whyte continued his tenure as leader for the business, during which time it grew into a multi-million dollar operation with a global customer base.
Avcorp designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, and Cessna. With more than 50 years of experience, over 500 skilled employees and 354,000 square feet of facilities in Delta BC and Burlington ON, Avcorp offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light weight, strong, reliable structures. Our Burlington location also offers composite repairs for commercial aircraft. Avcorp is a Canadian public company traded on the Toronto Stock Exchange (TSX:AVP).
MARK VAN ROOIJ
PRESIDENT and CHIEF EXECUTIVE OFFICER
This release should be read in conjunction with the Company's unaudited financial statements contained in the Company's Annual Report and with the quarterly financial statements and accompanying notes filed with Sedar (www.sedar.com).
Certain statements in this release and other oral and written statements made by the Company from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or projected revenues, income, returns or other financial measures. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: (a) the extent to which the Company is able to achieve savings from its restructuring plans; (b) uncertainty in estimating the amount and timing of restructuring charges and related costs; (c) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (d) the occurrence of work stoppages and strikes at key facilities of the Company or the Company's customers or suppliers; (e) government funding and program approvals affecting products being developed or sold under government programs; (f) cost and delivery performance under various program and development contracts; (g) the adequacy of cost estimates for various customer care programs including servicing warranties; (h) the ability to control costs and successful implementation of various cost reduction programs; (i) the timing of certifications of new aircraft products; (j) the occurrence of further downturns in customer markets to which the Company products are sold or supplied or where the Company offers financing; (k) changes in aircraft delivery schedules or cancellation of orders; (l) the Company's ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (m) the availability and cost of insurance; (n) the Company's ability to maintain portfolio credit quality; (o) the Company's access to debt financing at competitive rates; and (p) uncertainty in estimating contingent liabilities and establishing reserves tailored to address such contingencies.
SOURCE Avcorp Industries Inc.